Hello all, new to the site have been reading the wikis but still not clear about some topics, any help would be appreciated.

My income for 2012 was ~200k. I have a wife who did not work last year. Neither of us were eligible for an employer sponsored plan last year (though I will be this year). Income will be going up significantly over the next several years. My question, at my income level am I still able to make tax-deductible traditional IRA contributions for myself and my wife for 2012 and is that the best option for me? I currently have no IRA accounts (just finished training and have been attacking student loans rather than investing).